When u total a vehicle, does the insurance pay u what u owe on ur auto loan or just the vehicles value....>?

i have and auto loan on a car and just totaled it in an accident. i have full coverage so does the insurance company pay the loan off or just what the car is worth?

When u total a vehicle, does the insurance pay u what u owe on ur auto loan or just the vehicles value....%26gt;?
Standard collision coverage will only pay for your car's "fair market value". And that, we all know, begins to go down as soon as you drive it off the lot. The loan that you took is of no consequence to the settlement of your claim.





If you purchased gap coverage it would insure the difference between what you owe on your car and what your insurance company says it's worth.





Check with your agent to verify what coverage you chose when you insured your car.






Reply:No the insurance company will not pay off the loan. If their is a lienholder on the policy the cheque will be co payable to both of you. If no lienholder is on the policy the cheque is payable to you only.





As far as settelment - Lets say you bought a car but paid $ 2000 more than the car was actually worth. The insurance company will not pay more because you paid too much. Works the opposite way to lets say Uncle eddie sold it to you way cheaper than its worth. Lets say its worth $ 20,000 however you paid only 15,000 you get $ 20 grand






Reply:It depends on your policy. The vast majority of auto policies, they pay out actual cash value - less your deductible. You can calculate that with the private party resale value at www.kbb.com.





They won't pay off the balance, unless you bought GAP coverage. And, GAP doesn't cover any late fees, balance rollovers, or financed taxes.
Reply:The vehicles value prior to the accident. No insurance policy that I know of pays off a loan. Hopefully, the value of the car prior to the accident will cover your loan.








Brit
Reply:The actual cash value - unless you also carry a "GAP" insurance rider.
Reply:Common situation you met like many other people, be patient,and check the resource here http://www.CarInsuranceFree.info/free-ca... i found useful.



Reply:depends on ur insurance, hopefully u have a good 1
Reply:Fair market value........blue book..........